Investing.com – Oil futures rebounded a bit during Friday’s Asian session after inventories data and economic news weighed on crude in Thursday’s U.S. session.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.19% to UDS93.02 per barrel in Asian trading Friday. Crude plunged 2.35% to settle at USD92.98 a barrel on Thursday in the U.S.
In a report, Energy Information Administration said that U.S. crude oil inventories rose by 4.143 million barrels compared with a weekly gain of 560,000 barrels in the preceding week.
Analysts had expected U.S. crude oil stockpiles to rise by only 1.8 million barrels last week. Already under pressure, oil futures were hit by the EIA report and some weak economic news.
In U.S. economic news, the National Association of Realtors said existing home sales rose 0.4% in January to a seasonally adjusted annual rate of 4.92 million units. Analysts expected a 4.9 million-unit rate. The January 2013 rate is the second-highest since November 2009.
Initial claims for jobless benefits jumped by 20,000 to 362,000 last week, according to the Labor Department. The less volatile four-week moving average rose by 8,000 to 360,750.
The Labor Department said its consumer price index was unchanged in January after a flat reading in the prior month. Economists expected a modest January increase of 0.1%. The core index, which excludes food and energy prices, rose 0.3% last month, topping the 0.2% increase economists expected.
West Texas Intermediate futures recently slipped below their 50-day moving average and some traders believe further selling pressure could force oil below USD90 per barrel, also near the 200-day moving average. Some technical analysts believe a security that trades below its 200-day line is in a bear market, which could intensifying oil selling if it violates its 200-day moving average.
Elsewhere, Brent crude futures for April delivery rose 0.10% to USD113.85 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.19% to UDS93.02 per barrel in Asian trading Friday. Crude plunged 2.35% to settle at USD92.98 a barrel on Thursday in the U.S.
In a report, Energy Information Administration said that U.S. crude oil inventories rose by 4.143 million barrels compared with a weekly gain of 560,000 barrels in the preceding week.
Analysts had expected U.S. crude oil stockpiles to rise by only 1.8 million barrels last week. Already under pressure, oil futures were hit by the EIA report and some weak economic news.
In U.S. economic news, the National Association of Realtors said existing home sales rose 0.4% in January to a seasonally adjusted annual rate of 4.92 million units. Analysts expected a 4.9 million-unit rate. The January 2013 rate is the second-highest since November 2009.
Initial claims for jobless benefits jumped by 20,000 to 362,000 last week, according to the Labor Department. The less volatile four-week moving average rose by 8,000 to 360,750.
The Labor Department said its consumer price index was unchanged in January after a flat reading in the prior month. Economists expected a modest January increase of 0.1%. The core index, which excludes food and energy prices, rose 0.3% last month, topping the 0.2% increase economists expected.
West Texas Intermediate futures recently slipped below their 50-day moving average and some traders believe further selling pressure could force oil below USD90 per barrel, also near the 200-day moving average. Some technical analysts believe a security that trades below its 200-day line is in a bear market, which could intensifying oil selling if it violates its 200-day moving average.
Elsewhere, Brent crude futures for April delivery rose 0.10% to USD113.85 per barrel on the ICE Futures Exchange.